Lincoln Park Bancorp Announces Earnings for the Year Ended December 31, 2009
February 09 2010 - 5:00PM
PR Newswire (US)
LINCOLN PARK, N.J., Feb. 9 /PRNewswire-FirstCall/ -- Lincoln Park
Bancorp (OTC:LPBC) (BULLETIN BOARD: LPBC) (the "Company"), the
holding company of Lincoln Park Savings Bank, announced net income
of $492,000, or $.28 per share, for the year ended December 31,
2009, as compared to a net loss of ($33,000), or ($.02) per share,
for the year ended December 31, 2008. The increase in net income of
$525,000 was primarily due to increases in interest income and
non-interest income that exceeded increases in provision for loan
losses, non-interest expenses and income tax expense. Net interest
income increased by $713,000, or 23.8% for the year ended December
31, 2009 to $3.7 million as compared to $3.0 million for year ended
December 31, 2008. The increase in net interest income was
primarily due to increases in interest income of $831,000, which
exceeded increases in interest expense of $32,000, and was the
result of both increased levels of earning assets and an improved
net interest spread. Non-interest income increased by $461,000, or
136.0% for the year ended December 31, 2009 to $122,000, compared
to ($339,000), for the year ended December 31, 2008. The primary
reason for this increase was that impairment losses on available
for sale securities were $52,000, for the year ended December 31,
2009, compared to impairment losses of $460,000 on securities held
to maturity and available for sale, for the year ended December 31,
2008. During the year ended December 31, 2009, provision for loan
losses was $221,000 as compared to $135,000 during the ended
December 31, 2008. The provision in the current year was primarily
due to losses expected on three restructured loans and one impaired
loan. Non-interest expenses increased by $457,000 to $3.0 million
for the year ended December 31, 2009, as compared to $2.6 million
for the year ended December 31, 2008, primarily due to increases in
FDIC insurance premium and increases in salaries and employee
benefits. FDIC insurance premium increased by $282,000 to $294,000,
for the year ended December 31, 2009, compared to $12,000 for the
year ended December 31, 2008. This was primarily due to a special
assessment, an increase in the deposit base and a change in the
methodology of computing the assessment by the FDIC. Income taxes
increased by $192,000 to $324,000 for the year ended December 31,
2009, compared to $132,000, for the year ended December 31, 2008.
The increase in income taxes was due to an increase of $717,000 in
pre-tax income. At December 31, 2009, the Company had total assets
of $148.0 million and stockholders' equity of $13.6 million. In
addition, the Company had net loans of $74.2 million, total
deposits of $80.1 million and total borrowings of $52.3 million as
of December 31, 2009. David Baker, President of Lincoln Park
Bancorp stated, "The Board of Directors and I feel that the Bank
showed remarkable growth and profit in a very challenging year. We
look forward to meeting the challenges of 2010". Lincoln Park
Savings Bank is a New Jersey state-chartered savings bank that
conducts its business from its main office in Lincoln Park, New
Jersey. The Company's common stock is traded on the OTC Bulletin
Board under the symbol "LPBC". The foregoing material may contain
forward-looking statements concerning the unaudited financial
condition, results of operations and business of the Company. We
caution that such statements are subject to a number of
uncertainties and actual results could differ materially, and,
therefore, readers should not place undue reliance on any
forward-looking statements. The Company does not undertake, and
specifically disclaims, any obligation to publicly release the
results of any revisions that may be made to any forward-looking
statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements. Contact: David G. Baker President and Chief Executive
Officer (973)-694-0330 DATASOURCE: Lincoln Park Bancorp CONTACT:
David G. Baker, President and Chief Executive Officer,
+1-973-694-0330 Web Site: http://www.lincolnparksavings.com/
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